SHIB Exchange Inflows Mask a More Calm Reality
Net SHIB exchange inflows have been a topic of discussion over the past 24 hours, but a closer look at the data reveals a more nuanced picture. According to recent figures, roughly 623.3 billion SHIB was deposited onto exchanges during this period, but about 449.8 billion SHIB was withdrawn from exchanges as well.
The resulting net exchange balance comes to just around 20 billion SHIB, which is negligible compared to the size of the token's reserves. The data suggests that while there has been a significant amount of token movement on exchanges, it hasn't led to any notable accumulation or selling pressure.
Shiba Inu's price has been bouncing back recently, trading near $0.00000592. The chart has shown improvement since July, with the token carving out higher lows and breaking past key resistance levels.